Nine years behind bars – that is the future for Jason Keryc, who worked at Agape World Inc, after he swindled more than $150 million from 3,800 investors.
The former broker for the New York investment firm was found guilty of running a Ponzi scheme and ordered to make a payment of $179 million in the form of restitution. According to US attorney Robert Capers, Keryc should pay for “his self-enrichment and deceit.” It is believed that he spent around $8.9 million of the money he made on cars, designer clothing, a vacation home in Montauk and a condominium in Long Beach.
His conviction comes after a federal jury decided that he, and another former employee by the name of Diane Kaylor, were both guilty of charges such as wire fraud, mail fraud, conspiracy and securities fraud. According to prosecutors, they both played significant roles in a Ponzi scheme at the company. They were accused of defrauding investors.
As is often the style with Ponzi schemes, some investors were able to collect money – however, this did not come from profits, it actually came from deposits being paid by new investors.
The company’s founder Nicholas Cosmo was also in prison for defrauding investors for 21 months prior to the forming of Agape back in 2000. He was later arrested in January 2009 on charges relating to the Ponzi scheme which was said to be worth $370-$413 million. He was give 25 years in prison back in 2011.